

The usual flag was a red triangular pennant with yellow B, interpreted as Bull or Berwind. White B versions are also recorded, including National Geographic. Brown’s 1926, 1929 and 1934 funnels have a very narrow white band. Talbot-Booth likewise shows a narrow band in 1937–38, but Ships & The Sea in 1938 reports equal funnel bands and a white flag letter; Merchant Ships nevertheless continues to show a yellow letter in 1942 and 1944.
The C pennant is shown with a white letter by FOTW and a yellow one by Lloyd in 1904. McMillan associates C with Consolidated ownership, but Rosanoski points out that Lloyd 1904 and Flaggenbuch 1905 predate the stated 1907 takeover. He also questions the B chronology: adoption after Bull’s 1900 departure might favour Berwind. The meanings remain uncertain. Lloyd’s 1904 funnel already has equal bands.